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that is what i desire. No payments except bills and taxes. I am young though.
How often does it actually come to fruition for people?
I see someone like that every time I visit my parents. They bought in 1976 and haven't moved yet. Not that they haven't tried... I have a feeling that moving would've required expending a few more calories than they feel like burning!
My husband and I paid off our mortgage 3 years into our marriage. He had been owning for 6 years before we married. At first we lived off my income which was less than half of his and his whole income went into the mortgage...then when I quit working 10 months later we continued to live off the same amount and put over half his income into our mortgage. I think our real estate agent was shocked that a couple so young didn't have a mortgage. (We also had already paid off our vehicles and my grad loans.) When we moved we bought a more expensive property and took out a 15 yr mortgage. We put down 67% and are doing the same thing as before. With the track we are on now we will pay it off in 5 yrs if we don't move first.
I remember the shock on my face when I paid my first mortgage payment after our wedding. I couldn't believe how much money went to interest. I made it my goal to get rid of that as soon as possible. I don't like to owe anyone anything. I now wish we hadn't taken out another mortgage, but lesson learned I don't expect to have one again.
I know quite a few, and also my Mother's home was owned outright paid off. Now my siblings and myself own the home. In a very prestigious area of California. We are going to sell it shortly, and split our money, and i will finally be able to buy a home and pay if off if i choose also. Question should i pay a new home off or is there some advantage not to do that. I am in early 50's.
I know quite a few, and also my Mother's home was owned outright paid off. Now my siblings and myself own the home. In a very prestigious area of California. We are going to sell it shortly, and split our money, and i will finally be able to buy a home and pay if off if i choose also. Question should i pay a new home off or is there some advantage not to do that. I am in early 50's.
Spend a few hours with a qualified finacial planner who knows and understands your complete financial picture, tax situation and future goals.
everyone need to have financial goals, whether its own a home, invest, money for college ,money for retirement etc...
saving and growing that money towards your goals is something you need to work towards. if one of your goals was to own your house outright and you reach that goal then do it.
it makes no sense to take the money you put at risk to invest and grow , meet your goal and then throw that money back at risk again by re-investing it.
heres the problem, most folks dont have the discipline or investing skills to be left to their own devices to religiously invest and do the right things.
if you didnt pay off the home the money may not end up getting deployed into a different appreciating asset. it may get spent and that would be more typical of how things play out.
if you pay off the house you may not get the biggest investiment bang but at least there is a consolation prize, the house.
The only person who I am personally aware of who had his house paid for in full was my grandfather. His two houses were actually paid for in cash. His second one was purchased in the 1970's when he moved to San Diego. He lived through the Great Depression so I am certain that affected him, he was very frugal even when he did not need to be. I feel saddened that he never was able to allow himself to enjoy his money when he lived.
When I buy my house, I plan to constantly put money towards the principle in order to pay the 15-year mortage more quickly.
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